ABU DHABI // Thousands of people thronged Abu Dhabi’s Corniche on Friday afternoon to “Run For A Cause”, raising about Dh500,000 for charity in the process.
Abu Dhabi Media’s Majid magazine partnered with Etihad Airways for the event that raised funds for Likuyani Primary School in Kenya and special needs centres in Al Ain and Fujairah.
The entertainment that was laid on included children’s games, sports activities and educational workshops on road safety, offered by Abu Dhabi Police and the capital’s Department of Transport.
Emirati Wadeema Rashid, 10, said: “This is a great run for those who are less fortunate in African countries. I feel fortunate to take part in this event and raise money to help them.
“We keep listening to sad stories on the plight of African countries, so this is a good cause to help them.
“I took part in the 1.5km run and had too much fun today.”
The event consisted of a 1.5km run for children, a 1.5km race for those with special needs and a 3km run open to anyone.
Khaled Al Mehairbi, senior vice president of government and aero-political affairs at Etihad Airways, said: “Approximately, we have collected close to half a million dirhams from the charity run today.
“We are planning to use this money in a Kenyan school. In the UAE, we would give a part of this money to a special needs centre, Al Wagan in Al Ain, and another special needs school in Fujairah.
“Today, we have registered over 3,000 people for the cause.”
This is the third consecutive year of the event, which Etihad organises, he said.
“Previously, we distributed donations among the poor and orphans in Egypt and Sri Lanka,” Mr Al Mehairbi said.
While about 3,000 people took part, there was well in excess of 5,000 people in total joining in the fun along the Corniche.
Pupils from numerous schools thrilled onlookers with their dancing performances, while a motorbike show had petrol-heads in a spin.
Emirati Abdurrahim Abdullah, 27, a Zayed Higher Organisation for Humanitarian Care and Special Needs student, came on his wheelchair to take part in the charity run. “I am happy to be here for this run,” he said.
“My trainer told about this event, that they are collecting funds for poor people in Kenya and the UAE.”
One of the most popular attractions, certainly for the children in attendance, was the mascots from Majid’s children’s magazine, who were shaking the hands of those brave enough to approach them and posing for photographs.
The magazine, which is part of the same group as The National, also gave out water bottles, juice, T-shirts and sunblock for children and adults who were participating.
Amjad Mahdokht, a 10-year-old Pakistani who took part in the run, said: “It’s truly a fun-filled event where we can donate for poor people.
“There are many people who don’t have such facilities as we do. So we need to support them and improve their living.”
The prize for the winner of the schools grouping was a safari in Sri Lanka for six children and supervisor.
The winner of the company grouping would also be headed to Sri Lanka on a safari for four people, while the winners of the special needs category were to be given a pair of Etihad Airways economy class return tickets.
The individual winners of the male and female categories were also to be given a pair of Etihad Airways economy class return tickets.
anwar@thenational.ae
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
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